Bybit Receives In-principle Approval to Expand Operations in Kazakhstan

After getting “in-principle” authorization from authorities in Kazakhstan, cryptocurrency exchange Bybit is continuing to expand its operations. The May 29 announcement said that the exchange has received preliminary clearance from the Astana Financial Services Authority (AFSA) in Kazakhstan to function as a digital asset trading facility and custody services provider inside the AIFC.

Bybit co-founder and CEO Ben Zhou has stated his confidence in the CIS as an area with “promising potential” for the development of the cryptocurrency market. Zhou also emphasized Bybit’s dedication to local lawfulness. Bybit was recently reported to Japanese authorities for operating illegally.

Important Regional Center

Bybit has been awarded “in-principle” permission, which, after the application procedure is completed, will lead to permanent license to begin service locals. Moreover, Bybit has been working over the last several months to increase the variety of services it provides. On May 2nd, they made the announcement that they will be providing cryptocurrency lending services.

Moreover, the firm partnered with Mastercard in March to provide a crypto debit card. Also, Kazakhstan’s central bank digital currency is now in the experimental phase of development.

This current expansion of service offerings in Kazakhstan reflects the country’s growing importance as a regional center for the development of blockchain technology, cryptocurrency mining, and related industries.

In an effort to reduce tax cheating, local authorities stated in February that 75% of cryptocurrency mining profits must be sold on a cryptocurrency exchange. Approximately $7 million in crypto taxes were reported collected by Kazakhstan in 2022, a few months later.